Bitcoin has hit a new all-time high every day for the last three days. It surged to a high of $112,040 on Wednesday, which was less exciting as it peaked only a few dollars from the previous ATH.
However, the uptrend continued on Thursday. It surged, breaking $115k for the first time. It continued upwards, peaking at $117,000 and closing with gains exceeding 4%.
BTC registered a new ATH after a slight pullback on Friday. The largest cryptocurrency has registered a new all-time high at $118,426. However, speculations about what will happen next arise.
What’s Fueling Bitcoin’s Surge?
The apex coin is experiencing notable buying pressure from several sectors. Glassnode noted a “rare buy-side spikes.” Futures Volume CVD saw a significant uptick on Jul 10. The trend indicates aggressive buying of the asset.
While the spot market is less reactive, the chart above shows notable accumulation starting on the tenth day of the month. It is worth noting that the coin is seeing notable spot selling as CVD declines. However, the future CVD remained notably stable after Thursday’s ATH.
The platform also noted a tightening supply. It means the bulls are soaking up all available supply, and the asset saw meager selling pressure. Long-term holders and small entities were the drivers of the accumulation.
Nonetheless, the main trigger came after Senator Warren proposed fresh regulations for crypto. Investors took the move as a step in the right direction from the industry, as the pre-requisites contained clear laws and reforms.
Data from CryptoQuant indicated US buyers fueled the run on Jul 9 and 10 as Coinbase Premium flashed massive buying signals. However, this changed on Jul 11 when the largest Binance overtook the other exchange in volume.
The US Government showed its support for the crypto market, posting an image of a man in a room with green light emanating from the outside. The light was coming from a chart with many green candles. It reinforces Donald Trump’s statement of winning until there’s nothing left to win.
Will Bitcoin Surge Again?
The apex coin is relatively stable on Saturday. It prints a doji after it saw a slight decline and uptick. Trading at $117,494, investors are silent about the next price action. However, there were previous calls for $120k.
Data from CryptoQuant suggests that the pause may be due to low trading volume over the weekend. The platform noted that several metrics are green, not overheating. Short-term holders are yet to start selling, regardless of the latest price spike.
Open interest continues to increase, and funding rates are slightly positive. Both readings indicate that investors are not aggressively opening long positions, which may indicate a growing fear of missing out.
All indicators suggest that Bitcoin may continue upward once liquidity inflow increases. The call for $120k may become a reality.
Reports from Glassnode reveal massive accumulation from wallets holding less than 100 BTC. It shows that they are accumulating 19.3k BTC monthly. While Miner only issued 13.4 BTC monthly. The trend is ongoing, bolstering convictions that the uptick may continue.
Exchanges are experiencing a decline in reserves due to a supply shock. Long-term holders are absorbing more Bitcoin than miners are issuing.
